Investors are finally realizing there are more companies in the stock market to invest in than Big Tech. Look no further than the valuations on the top five largest companies in the world. Quick analysis: Shares of the dominant tech companies have derated, meaning their valuation multiples have been adjusted downward, driven by a growing investor anxiety about the future returns from AI capital expenditures. The five largest companies by market cap according to Yahoo Finance AlphaSpace data are Nvidia (NVDA), Apple (AAPL), Alphabet (GOOG, GOOGL), Microsoft (MSFT), and Amazon (AMZN). · Goldman SachsThe hyperscaler valuation convergence has been matched by a sharp derating in the relative valuation of software stocks, Oppenheimer said.